Deadbeat Jorstad? This could be just like a stock repurchase. Let's hope they cancel the returned shares. A little anti-dilution would be a good thing and the price of $0.0473 per share is fine with me. Also, fewer shares for Jorstad = less influence. Overall, I'm ok with this...
United Protection to claim Jorstad debt security shares
2013-01-15 06:28 ET - News Release
Mr. F.V. Ramsoondar reports
UNITED PROTECTION SECURITY GROUP INC. - CORPORATE UPDATE
United Protection Security Group Inc. has provided the following update.
As previously disclosed, by means of a heads of agreement dated June 1, 2012, the company and other parties confirmed and acknowledged the indebtedness of United Parking Inc. and Sigurd Jorstad to the company in the amount of $237,000. The heads of agreement contain a provision for the payment of interest only on the debt amount, at the rate of 7 per cent per year for a two-year period. The company's third-quarter filing disclosed that no interest payments have been received; a situation that remains unchanged.
The company will now proceed to seek judicial or quasi-judicial confiscation and sale of the 5,006,954 common shares of the company, owned by Mr. Jorstad and pledged by him as security for the orderly repayment of the debt.
Any further action the company's management deems appropriate will be subject to the approval of the company's independent and non-conflicted board members.
We seek Safe Harbor.